A significant portion of the American public is now part of what is being called the Sandwich Generation. This is a generation of people who find that they are stuck between trying to help their children out financially and at the same time trying to help their parents in retirement. It is a tough spot to find yourself in, and that is why you need to know what steps you should be taking.
Meet with Wealth Advisors
The very first thing that you can do to help your case is to meet up with a financial advisor like HCR Wealth Advisors. It is always a smart idea to speak with the experts when you are trying to work on any complex problem. We wisely follow this suggestion when the question is something like our health or our spiritual life. Why then do we not take the same approach to our money? HCR Wealth Advisors is a registered investment advisory (RIA) firm that develops personalized strategies to help clients reach their financial goals.
Focus on Your Own Retirement
There is nothing wrong with wanting to help out your loved ones. The problem comes when you put their needs ahead of your own. It is something that is all too easy to do. In fact, those who do this probably feel that they are doing the right thing for their family. The problem with this logic is that they are actually putting themselves at a disadvantage. Doing so means that they could very well end up being the ones who end up needing financial help themselves in the not so distant future.
Prepare for College Education Expenses as Early as Possible
You might be skeptical about the parents who start to prepare for the college expenses of their children when those children are just born, but that’s actually the right path to take. After all, the cost of tuition for college just continues to rise and rise. Not preparing for that with funds invested for the future could lead to financial challenges your child reaches their college age.
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